General Question

Anyone else watch the documentary "Inside Job" ? I feel very depressed -- what can we do as individuals to correct this system?

I just watched the documentary “Inside Job”; which is basically about the corruption behind the financial system. I find it incredibly depressing. Is there anything that we can do as individuals? I kind of want to take my money out of the bank and stop partaking in this system altogether. Or quit my theatre work to make documentaries (like these) that confront people with these truths.

If you watched it, how did you feel?
Is there anything you want to do about it?

26 Answers

Yeah Ive seen it. I lost my little cousin due to the whole inside job. song (Basra car bombing & he didnt want to be part of it) he had requested John Lennons ‘Imagine’ as his funeral song but HR. majesty’s forces denied him even that!

I have not watched it, but I will if it is available on Netflix. (I will let you know my opinion if I it is there.) BTW, I do not do business with banks already. I use credit unions because they are member owned. I tried a bank once and felt like they were completely ripping me off with all their charges and fees (and this was even if I complied with all of their rules.)

I just scheduled it as my next CD, although it says there’s a “long wait.” I seriously doubt there will be much in that documentary that I’ve not already heard from Representative Ron Paul and friends.

I think what the world needs more than anything right now is a revolution, and not of the communist variety…if the banks weren’t bailed out we could have created something amazing but we didn’t and poured the cash into the banks…the system isn’t perfect it works but not as it should so expect this to happen all over again within our lifetimes. Say 20 years time?!

@RareDenver – Looking forward to your answer when you’re done watching. I’m particularly interested to hear from people from the finance sector.

@mattbrowne – Thanks for the link. I’ve been thinking about ethical investment for a while, but I haven’t figured out how to do it with my money over here in Hong Kong. I know it’s a much bigger thing in the UK, for example. But I guess I haven’t been really trying hard enough either….

The documentary is basically an analysis of the financial crisis of 2007–2010, broken down into five parts:

1.How We Got There
2.The Bubble, 2001–07
3. The Crisis
4. Accountability
5. Where Are We Now

In particular, it discusses problems of deregulation, and how many key decision makers in politics, academia have a conflict of interest (i.e. earn handsome salaries from) the major investment banks.

The director describes it as “the systemic corruption of the United States by the financial services industry and the consequences of that systemic corruption.”
Seriously, we assume corruption in China but to see it so high up in America is pretty terrifying.

What’s amazing to me too how this virtual $$ (basically debt) can have such tangible, devastating consequences for people.

@Nullo – thanks for the link. I’m expecting there to be criticisms to this, just as Al Gore’s Inconvenient Truth got grilled. What do you think though? I’m particulary curious on personal reactions.

Okay so I’ve just watched Inside Job and I want you to know that this response comes from someone who works in the UK financial services industry and not the US industry, and I might add, someone who works at a much lower level than the vilified characters in the documentary.

This film does expose some serious failings in the system that were quite obviously driven by the constant de-regulation of the financial services sector in the US, this film also concentrated on the US as a whole, I think it’s important we remember that. You also saw in the film that it was the UK’s tight regulation that forced the Lehmans Brothers staff to stop work, the pictures of those guys walking out with boxes of belongings stunned the world into ‘stunned panic?’

When it comes to regulation I completely support it’s function to stop individuals and corporations behaving in a cavalier way with other people’s money.

The film maker quite obviously had an angle he wanted to pursue when he set out to make this film and for the most part I agree with him.

Clear concise regulation and legal accountability creates a stable environment for the financial markets and ultimately you and me, the consumers, the borrowers, the savers and the investors.

Please don’t think I’m espousing UK economic policy over US. Both nations are guilty of failing the final consumer.

There is a saying “When the United States of America sneezes the rest of the world catches a cold.” I think the last couple of years proves that. What I do wonder though is how long it will be till China’s sniffles send us all running for the medicine.

Just one thing, all those people that took out mortgages they knew they couldn’t afford, forget the shiny salesman pater, if you know the monthly payments are beyond your means don’t fucking borrow the money

Ok here is the deal I worked for Bank of America at the time all this was happening I actually started back and new alot of this was going on at the time of when it was all taking place. When Countrywide first came to us it was only for help but Ken Lewis wanted the option to buy if they went into further trouble which they did. When I read the stipulations of the money on our intranet page about being able to take over Countrywide I knew what would eventually happen and shortly did. I never from the begining when I heard we gave even a dime to Countrywide thought it was a good idea because I knew what kind of mortgages they were offering and they weren’t good. Then if you watch the above link I provided regarding Frontlines Breaking of the Banks it actually will tell you Bank of America was approached by Merrill Lynch for their bail out. It was when Bank of America went in and actually seen what a mess it was they wanted to pull out of the deal but the Federal Government wouldn’t let them and that’s how they ended up with so much of the TARP funds which Bank of America paid back in full by the time I left the company. I remember the check being drawn up out of ap system since I worked in Accounts Payable. The first TARP funds were forced upon the larger banks but after the Merrill Lynch issues Bank of Americal needed them. If Bank of America did not have to bail out Merrill Lynch, even bailing out Countrywide would never have needed a dime of the TARP and they would never had an issue with any of the bad housing loans because they saw the issue with them years before and did not offer them at that time. So even though I am no longer working for Bank of America I respect them as being a good bank and a that knows how to do business to make money as a corporation. I have stock in the company and will continue to unless I see them doing something I don’t believe that a large corporation should do.

@RareDenver I agree with you fully regarding it was the responsibility of the people who took out the mortgages that they plainly couldn’t afford. When you take out a mortgage and you know you are only paying the interest on the loan (the arms) and that will only last for a certain amount of years before you need to start paying principal and interest where do you think you will come up with this difference of the amount of the payment for the additional principal if all you could afford was the interest of the loan. Its rediculous that they probably could have been able to easily bought a cheaper home but because of this the got the bigger one with all the bells and whistles and now can’t afford it and in time will be foreclosed on. I just don’t see where these people where thinking long term on any of this issue when buying a house all you should be thinking about is the long term of things.